Immutability

Written by Vera Ishani

The world of crypto projects is a fast moving and intricate space.  The pace of innovation coupled with the immutable nature of blockchains means that many organisations seeking to launch their code will tend to carry out greater due diligence in auditing and re-auditing their code.  Once a smart contract is launched, there is no ‘do-over’.

As a result, some of the best known and most successful cryptos out there are well known for delayed launches and postponed releases. The two that spring immediately to mind are Cardano’s (ADA) smart contract and Ethereum’s  2.0 (Serenity) upgrade. 

 An untold number of crypto enthusiasts and investors have bought into Cardano’s vision in expectation of its worldwide quest amongst other things, to provide a better solution in the fields of identification and education to developing economies – beginning with the continents of Africa and South America.  Before even before a single smart contract had been written in Plutus.

An article in the Motley Fool applauds Cardano’s approach to its smart contract development.

Cardano has taken a slow-and-steady approach to its development. The team believes in thorough research and testing before implementation. It may come as a surprise to learn that this is not the norm in crypto — in the race to make the most of blockchain technology, many currencies first launch products and then improve them as they go.

In the long run, Cardano’s method will likely result in a more secure, scalable, and robust product. Hoskinson designed the blockchain from scratch to address some of the issues faced by first movers Bitcoin (BTC) and Ethereum (ETH)” *1

Cardano’s much anticipated smart contract is (hopefully) launching this month (September 2021) – a whole year later than originally planned. The delay has not disheartened its fans. In fact the Cardano community is one of the most passionate and active in the whole cryptosphere.   With the launch of the Alonzo upgrade looming, ADA has seen an increase of around 300% in less than a month.  My guess is it will continue to climb as new projects are built on it.

The most famous delayed release has to be Ethereum 2.0.  Work on Ethereum 2.0 started several years ago, at this point in time there is no definite date set for the final phase to go live. 

In an article in Nasdaq, Ethereum founder admited that the project has been severely delayed.

Vitalik Buterin admitted in his recent interview that building Ethereum 2.0 has taken many times longer than he had anticipated. He said, “We thought it would take one year to do the proof-of-stake, but it actually takes six years.” *2

Ethereum’s 2.0 promises to revolutionise the crypto scene – particularly the DeFi and NFT field which continue to grow at a pace.  Ethereum’s journey to full actualisation of it’s 2.0 vision to ‘increase Ethereum’s capacity for transactions, reduce fees and make the network more sustainable’ is the most anticipated arrival in crypto.  Many contenders to it’s throne have been touted – including QTUM, NEO, ADA to name a few.  

In Spite of the on-going delay to Ethereum 2.0, and the criticism Etheruem has attracted due to delays and high gas fees, it maintains its position as the #2 coin with Ether market cap at around at $328 billion.  Furthermore, Ethereum is well on its way to going mainstream with the introduction of Ether futures earlier this year.

Drawing from the determination of these major players to ‘get it right first time’ Omnia DeFi is treading its own path of caution and tenacity as it prepares to launch the $OMNIA token this Autumn.  Omnia DeFi’s launch of the $OMNIA will herald the first of three tokens all designed to work cleverly in sync as part of the Omnimatrix eco-system.  You can get a good summary of the project and meet the team  in Omnia DeFi’s lightpaper at omniadefi.com.  

The project has been in progress for over two years.  The team of enthusiasts and professionals are close to launching the token which forms only the beginning of a 10 year vision to make a positive impact, not just in the world of crypto, but to bring about real world changes in the the way individuals are able to create wealth from assets that have hitherto been illiquid.  

As the COO of Omnia DeFi, I applaud the high standards that the whole team has dedicated itself to in ensuring we launch a secure, efficient and future-proofed product that will be the bedrock and foundation of the eco-system we are creating.

A crypto organisation’s dedication to ensuring the best version of its code is released is a commendable  but also necessary quality and demonstrates a level of integrity that the crypto space very much needs.

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